§ 42-82-12 - Terms and conditions of sales – Applications of premiums and accrued interest – Validity not affected by change in office. - Rhode Island Statutes

SECTION 42-82-12

   § 42-82-12  Terms and conditions of sales– Applications of premiums and accrued interest – Validity notaffected by change in office. – (a) Any bond or note issued under the authority of this chapter shall be soldfrom time to time at not less than the principal amount of the bond or note onany terms and conditions as the general treasurer, with the approval of thegovernor, shall deem to be for the best interest of the state. The purchaser ofany bond or note shall pay accrued interest to the date of delivery of the bondor note.

   (b) Any premium or accrued interest which may be received asthe result of the sale of the bonds or notes shall be applied to the payment ofdebt service costs.

   (c) Any bonds or notes issued under the provisions of thischapter and coupons on any bonds, if properly executed by the manual orfacsimile signature, as the case may be, of officers of the state in office onthe date of execution shall be valid and binding according to their tenor,notwithstanding that before the delivery of bonds, notes or coupons and paymentfor these, any or all officers shall for any reason have ceased to hold office.